Directions: Analyze the given situation and provide the data below:

1.Provide the journal entries.

2.Post the entries to the ledger.

3.Prepare the unadjusted trial balance.

4.Provide the adjusting entries.

5.Complete the worksheet up to post-closing trial balance.

6.Prepare the closing entries.

7.Prepare the balance sheet and income statement.

Transaction

A. Ms. B put up an accounting firm on November 1, 20x1. The registered name of the business is B Accounting Firm The following were the transactions during the months of November and December 20x1.

1.The owner provided P30,000 cash initial investment to the business on December 1, 20x1.

2.Obtained a 12%, one year, bank loan for P50,000 on November 1, 20x1. Principal and interest are due at the maturity date.

3.Purchased office supplies worth P60,000 for cash during the period (the firms uses the Asset method).

4.Rendered services worth P280,000 for cash during the period.

5.Paid utility expense of P4,000.

6.The owner withdrew a total of P100,000 cash from the business during the period.

Additional information:

-Unused office supplies on December 31, 20x1 amounted to P5,000.